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North Carolina Loan Officer Test
North Carolina was the first state in the nation to mandate loan officer licensing. The state recognizes that loan officers have to have a basic body of knowledge to be effective. The 60 Question North Carolina exam probes areas from Federal Regulations, General Mortgage Knowledge, Mortgage Math, as well as 30% of the test devoted to North Carolina law. With an 80% passing grade required, an alarming number of candidates fail the test by 2 or 3 questions.
North Carolina mandates 8 hours of "Fundamentals", which also count towards the Continuing Education requirement for licensing. For loan officers with less than 1- 2 years in the business, it is not likely they possess the general knowledge to pass the test without some additional vocational training.
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